Business
Mineral Hill Increases Quebec Lithium Property Holdings
Mineral Hill Increases Quebec Lithium Property Holdings
About this update from Gold Strategy Inc.
[{"type":"text","content":"\n\n\n\n May 26, 2010 (Canada NewsWire Group) -- \n >\n\n\n Mineral Hill Industries Ltd. ("Mineral Hill" or "Company") wishes to announce that it has acquired the "Canadian and Martin McNeely Property" which represent additional lithium occurrences within the general area of "Chubb", "Athona" and "International" Lithium properties.\nThe Canadian and Martin McNeely Property contain multiple historical target areas for lithium mineralization and represent an ideal geological environment for hosting large tonnage lower grade lithium deposits. The Property is located in the northwestern part of Quebec, approximately 40 kilometres northwest of the mining town of Val d'Or within the Landrienne and La Corne townships and consists of 21 non-contiguous mineral claims of four blocks covering 2,088.8 hectares. Access to the newly acquired Claims is excellent.\nMHI considers the Canadian and Martin McNeely Property with its multiple lithium target areas not only a valuable addition to the Company's focus on lithium metals, but its proximity and logistics to the Company's Chubb, Athona and International lithium properties will make MHI's exploration efforts within Québec more economically efficient.\nThe Option Agreement (the "Agreement") to acquire the additional 100% interest in and to the Canadian and Martin McNeely Property is subject to applicable regulatory approval and in consideration of MHI making cash payments in the amount of $80,000 and issuing 600,000 common shares to the Optionors over three years from the effective date of the regulatory approval of the Agreement.\nMr. John Punzo, President of Mineral Hill commented: "Our goal is to become one of the significant lithium carbonate exploration property owners in Quebec. The acquisition of this new lithium property positions us well for future growth, as the demand for lithium as the mineral of choice for use in lithium-ion batteries, hybrid cars, laptops, cell phones and MP3 players continues to expand."\n\nAbout Mineral Hill Industries Ltd.\n\nMineral Hill Industries Ltd. is a Canadian based mineral exploration and development company trading on the TSX Venture Exchange (MHI), the Frankfurt Exchange (N8Z/WKN: AODLHP), and the OTC Pink Sheets (MHIFF). Mineral Hill has accumulated a diversified p...